Company registration number 05552284 (England and Wales)
BURY STREET CAPITAL LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
BURY STREET CAPITAL LIMITED
COMPANY INFORMATION
Directors
R. Tyrwhitt-Drake
J. Kitson
J Johansen
(Appointed 20 January 2023)
Company number
05552284
Registered office
Devonshire House
1 Devonshire Street
London
W1W 5DR
Auditor
Citroen Wells
Chartered Accountants
Devonshire House
1 Devonshire Street
London
W1W 5DR
Business address
33 St James's Square
London
SW1Y 4JS
BURY STREET CAPITAL LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group balance sheet
8
Company balance sheet
9
Group statement of changes in equity
10
Company statement of changes in equity
11
Group statement of cash flows
12
Notes to the financial statements
13 - 23
BURY STREET CAPITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 1 -
The directors present the strategic report for the year ended 30 September 2023.
Fair review of the business
The group is authorised by the Financial Conduct Authority to conduct certain types of investment business. The principal activity of the group during the year under review was as a Placement Agent.
The pre-tax results for the year are a profit of £1,185,096 (2022: £1,801,386). The group's financial position at the year end was considered to be satisfactory.
Principal risks and uncertainties
The directors consider that the key financial risk exposures faced by the group relate to counterparty credit risk, foreign currency risk and the need to maintain sufficient liquidity to satisfy regulatory capital requirements and working capital needs.
The group's financial risk management objectives are therefore to minimise the key financial risks through having clearly defined terms of business with counterparties and stringent credit control over transactions with them. Foreign currency risk is managed by the directors monitoring foreign exchange rates in relation to income with a view to minimising foreign exchange losses. At the year end the group's debtors were primarily denominated in foreign currencies. For regulatory capital purposes the directors regularly monitor cash flow and management accounts to ensure regulatory capital requirements are not breached and that the group maintains adequate working capital.
Key performance indicators
The directors consider fees received to be the key performance indicator, which is based on the amount of capital raised for clients from one period to the next. The group achieved fee income of £3,515,292 (2022: £4,237,486).
Section 172 statement
R. Tyrwhitt-Drake, director, is also the company's and group's sole shareholder. Underlying the decision making process of the group, the directors consider the impact on the group’s employees and are mindful of how the group’s business operations impact the community and environment. The directors overarching responsibilities are to maintain a reputation for high standards of business conduct and seek to build strong business relationships with suppliers, customers and other key counterparties.
During the year under review, the group's business strategy remained unchanged and there is a strong pipeline of business for the year ahead. There were no key decisions made that could impact potential interested parties of the group.
J. Kitson
Director
22 January 2024
BURY STREET CAPITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 2 -
The directors present their annual report and financial statements for the year ended 30 September 2023.
Principal activities
The principal activity of the company and group continued to be that of financial services.
Results and dividends
The results for the year are set out on page 7.
Ordinary dividends were paid amounting to £600,000. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
R. Tyrwhitt-Drake
P. Robson
(Resigned 20 January 2023)
J. Kitson
J Johansen
(Appointed 20 January 2023)
Auditor
The auditor, Citroen Wells, is deemed to be reappointed under section 487(2) of the Companies Act 2006.
Energy and carbon report
As the group has not consumed more than 40,000 kWh of energy in this reporting period, it qualifies as a low energy user under these regulations and is not required to report on its emissions, energy consumption or energy efficiency activities.
Statement of directors' responsibilities
The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the ;
prepare the on the going concern basis unless it is inappropriate to presume that the group and company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
BURY STREET CAPITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 3 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.
On behalf of the board
J. Kitson
Director
22 January 2024
BURY STREET CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BURY STREET CAPITAL LIMITED
- 4 -
Opinion
We have audited the financial statements of Bury Street Capital Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 30 September 2023 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the group's and the parent company's affairs as at 30 September 2023 and of the group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
BURY STREET CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BURY STREET CAPITAL LIMITED
- 5 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which the audit was considered capable of detecting irregularities including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.
Our approach was as follows:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the group and determined that the most significant are those that relate to the reporting framework (FRS 102 and Companies Act 2006), those required by the Financial Conduct Authority (FCA), those laws and regulations relating to employment matters and relevant direct and indirect tax compliance regulations in the United Kingdom.
We assessed the susceptibility of the group's financial statements to material misstatement, including how fraud might occur by considering the risk of management override of internal control and by designating revenue recognition as a fraud risk. We performed journal entry testing by specific risk criteria, with a focus on journals indicating large or unusual transactions based on our understanding of the business. We tested specific transactions reconciling to source documentation, ensuring they were in line with mandate agreements.
We understood how the group is complying with those frameworks by making enquiries of management and seeking representations from those charged with governance. We corroborated our understanding by reviewing supporting documentation including directors’ meeting minutes and correspondence with regulatory bodies.
BURY STREET CAPITAL LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BURY STREET CAPITAL LIMITED
- 6 -
Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved enquiries of management and those charged with governance, review of legal and professional expenses, review of breaches and complaints register and review of directors’ meeting minutes.
The company is a regulated entity under the supervision of the FCA. As such, the Senior Statutory Auditor considered the experience and expertise of the engagement team to ensure that the team had the appropriate competence and capabilities.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Michael Berry FCA CTA (Senior Statutory Auditor)
For and on behalf of Citroen Wells
22 January 2024
Chartered Accountants
Statutory Auditor
Devonshire House
1 Devonshire Street
London
W1W 5DR
BURY STREET CAPITAL LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 7 -
2023
2022
Notes
£
£
Turnover
2
3,515,292
4,237,486
Administrative expenses
(2,358,691)
(2,455,938)
Operating profit
3
1,156,601
1,781,548
Interest receivable and similar income
7
28,495
19,838
Profit before taxation
1,185,096
1,801,386
Tax on profit
8
(270,354)
(350,831)
Profit for the financial year
914,742
1,450,555
Profit for the financial year is all attributable to the owners of the parent company.
BURY STREET CAPITAL LIMITED
GROUP BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,940
9,320
Investments
11
8,052
5,940
17,372
Current assets
Debtors falling due after more than one year
13
1,001,441
1,036,809
Debtors falling due within one year
13
981,270
1,029,848
Cash at bank and in hand
1,384,059
1,122,687
3,366,770
3,189,344
Creditors: amounts falling due within one year
14
(715,944)
(864,692)
Net current assets
2,650,826
2,324,652
Total assets less current liabilities
2,656,766
2,342,024
Provisions for liabilities
Deferred tax liability
15
2,993
2,993
(2,993)
(2,993)
Net assets
2,653,773
2,339,031
Capital and reserves
Called up share capital
17
60,000
60,000
Profit and loss reserves
2,593,773
2,279,031
Total equity
2,653,773
2,339,031
The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
J. Kitson
Director
Company registration number 05552284 (England and Wales)
BURY STREET CAPITAL LIMITED
COMPANY BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
5,940
9,320
Investments
11
1,022
9,074
6,962
18,394
Current assets
Debtors falling due after more than one year
13
1,001,441
1,036,809
Debtors falling due within one year
13
965,245
1,019,018
Cash at bank and in hand
1,384,059
1,122,687
3,350,745
3,178,514
Creditors: amounts falling due within one year
14
(681,498)
(859,842)
Net current assets
2,669,247
2,318,672
Total assets less current liabilities
2,676,209
2,337,066
Provisions for liabilities
Deferred tax liability
15
2,993
2,993
(2,993)
(2,993)
Net assets
2,673,216
2,334,073
Capital and reserves
Called up share capital
17
60,000
60,000
Profit and loss reserves
2,613,216
2,274,073
Total equity
2,673,216
2,334,073
As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £939,143 (2022 - £1,447,263 profit).
The financial statements were approved by the board of directors and authorised for issue on 22 January 2024 and are signed on its behalf by:
J. Kitson
Director
Company registration number 05552284 (England and Wales)
BURY STREET CAPITAL LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
60,000
1,928,476
1,988,476
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
1,450,555
1,450,555
Dividends
9
-
(1,100,000)
(1,100,000)
Balance at 30 September 2022
60,000
2,279,031
2,339,031
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
914,742
914,742
Dividends
9
-
(600,000)
(600,000)
Balance at 30 September 2023
60,000
2,593,773
2,653,773
BURY STREET CAPITAL LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 October 2021
60,000
1,926,810
1,986,810
Year ended 30 September 2022:
Profit and total comprehensive income for the year
-
1,447,263
1,447,263
Dividends
9
-
(1,100,000)
(1,100,000)
Balance at 30 September 2022
60,000
2,274,073
2,334,073
Year ended 30 September 2023:
Profit and total comprehensive income for the year
-
939,143
939,143
Dividends
9
-
(600,000)
(600,000)
Balance at 30 September 2023
60,000
2,613,216
2,673,216
BURY STREET CAPITAL LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
1,184,676
1,688,653
Income taxes paid
(349,278)
(48,024)
Net cash inflow from operating activities
835,398
1,640,629
Investing activities
Purchase of tangible fixed assets
(2,521)
(2,119)
Proceeds from disposal of investments
-
(8,052)
Interest received
28,495
19,838
Net cash generated from investing activities
25,974
9,667
Financing activities
Dividends paid to equity shareholders
(600,000)
(1,100,000)
Net cash used in financing activities
(600,000)
(1,100,000)
Net increase in cash and cash equivalents
261,372
550,296
Cash and cash equivalents at beginning of year
1,122,687
572,391
Cash and cash equivalents at end of year
1,384,059
1,122,687
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 13 -
1
Accounting policies
Company information
Bury Street Capital Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is, Devonshire House, 1 Devonshire Street, London, W1W 5DR. The principal place of business is 33 St James's Square, London, SW1Y 4JS.
The group consists of Bury Street Capital Limited and its subsidiary.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention and the principal accounting policies adopted are set out below.
The company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements for parent company information presented within the consolidated financial statements:
1.2
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Bury Street Capital Limited together with its subsidiary.
All financial statements are made up to 30 September 2023. Where necessary, adjustments are made to the financial statements the subsidiary to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
The subsidiary is consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
1.3
Turnover
Turnover represents commissions received from the group's principal activity. Revenue is recognised when and to the extent that the company obtains the right to consideration under it's contractual arrangements.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 14 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% - 33.33% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.
1.5
Fixed asset investments
In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Impairment of fixed assets
At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents include cash in hand and deposits held at call with banks.
1.8
Financial instruments
The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the statement of comprehensive income because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
1
Accounting policies
(Continued)
- 16 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Fee income
3,515,292
4,237,486
2023
2022
£
£
Turnover analysed by geographical market
USA
2,935,510
3,619,028
Europe
579,782
618,458
3,515,292
4,237,486
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
2
Turnover and other revenue
(Continued)
- 17 -
2023
2022
£
£
Other revenue
Interest income
28,495
19,838
3
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
42,387
(79,816)
Depreciation of owned tangible fixed assets
5,901
8,552
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,000
12,000
Audit of the financial statements of the company's subsidiaries
1,522
1,482
16,522
13,482
For other services
All other non-audit services
3,930
11,298
5
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
520,581
399,770
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
337,586
191,850
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 18 -
6
Employees
The average monthly number of persons (including directors) employed by the group and company during the year was:
Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
Administration and management
8
9
7
9
Their aggregate remuneration comprised:
Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
1,303,424
1,653,434
1,303,424
1,653,434
Social security costs
77,860
105,442
77,860
105,442
Pension costs
15,682
13,982
15,682
13,982
1,396,966
1,772,858
1,396,966
1,772,858
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Other interest income
28,495
19,838
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
270,354
350,831
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
8
Taxation
(Continued)
- 19 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
1,185,096
1,801,386
Expected tax charge based on the standard rate of corporation tax in the UK of 22.00% (2022: 19.00%)
260,721
342,263
Tax effect of expenses that are not deductible in determining taxable profit
4,551
8,119
Unutilised tax losses carried forward
5,368
Permanent capital allowances in excess of depreciation
(555)
(524)
Other permanent differences
269
162
Effect of overseas tax rates
811
Taxation charge
270,354
350,831
9
Dividends
2023
2022
Interim paid
600,000
1,100,000
10
Tangible fixed assets
Group
Fixtures and fittings
£
Cost
At 1 October 2022
63,790
Additions
2,521
At 30 September 2023
66,311
Depreciation and impairment
At 1 October 2022
54,470
Depreciation charged in the year
5,901
At 30 September 2023
60,371
Carrying amount
At 30 September 2023
5,940
At 30 September 2022
9,320
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
10
Tangible fixed assets
(Continued)
- 20 -
Company
Fixtures and fittings
£
Cost
At 1 October 2022
63,790
Additions
2,521
At 30 September 2023
66,311
Depreciation and impairment
At 1 October 2022
54,470
Depreciation charged in the year
5,901
At 30 September 2023
60,371
Carrying amount
At 30 September 2023
5,940
At 30 September 2022
9,320
11
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
12
1,022
1,022
Unlisted investments
8,052
8,052
8,052
1,022
9,074
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 October 2022
8,052
Disposals
(8,052)
At 30 September 2023
-
Carrying amount
At 30 September 2023
At 30 September 2022
8,052
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
11
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Company
Shares in subsidiaries
Other investments
Total
£
£
£
Cost or valuation
At 1 October 2022
1,022
8,052
9,074
Disposals
-
(8,052)
(8,052)
At 30 September 2023
1,022
-
1,022
Carrying amount
At 30 September 2023
1,022
1,022
At 30 September 2022
1,022
8,052
9,074
12
Subsidiaries
Details of the company's subsidiary at 30 September 2023 is as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Bury Street Capital Malta Ltd
171, Old Bakery Street, Valletta, Malta
Ordinary
100.00
13
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
872,816
933,146
872,816
933,146
Amounts owed by group undertakings
-
-
-
4,008
Other debtors
36,762
35,936
22,950
23,329
Prepayments and accrued income
71,692
60,766
69,479
58,535
981,270
1,029,848
965,245
1,019,018
Amounts falling due after more than one year:
Other debtors
1,001,441
1,036,809
1,001,441
1,036,809
Total debtors
1,982,711
2,066,657
1,966,686
2,055,827
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 22 -
14
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
£
£
£
£
Trade creditors
56,741
24,074
40,273
24,074
Amounts owed to group undertakings
9,596
Corporation tax payable
271,185
350,109
269,428
348,014
Other taxation and social security
22,286
20,332
22,286
20,332
Other creditors
77,565
11,172
77,565
11,172
Accruals and deferred income
288,167
459,005
262,350
456,250
715,944
864,692
681,498
859,842
15
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:
Liabilities
Liabilities
2023
2022
Group
£
£
Tangible fixed assets
2,993
2,993
Liabilities
Liabilities
2023
2022
Company
£
£
Tangible fixed assets
2,993
2,993
There were no deferred tax movements in the year.
16
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
15,682
13,982
The company pays pension contributions to the personal pension schemes of some of its employees and directors.
BURY STREET CAPITAL LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
- 23 -
17
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
60,000
60,000
60,000
60,000
18
Related party transactions
At the year end the company owed a director £69,389 (2022: £4,319), this being unsecured, interest free and repayable on demand. During the year an investment held by the company was sold to this director at its fair value.
At the year end the company owed a second director £4,590 (2022: £5,969), this being unsecured, interest free and repayable on demand.
In previous years, loans were made to a company incorporated in France, under the common control of a director, totaling €1,154,000. This is recognised in the accounts as £1,001,441 at the year end (2022: £1,036,809) and is repayable on 3rd June 2030. Interest is accrued at 2.50% above the Euribor rate calculated at the first day of the annual interest period. Interest receivable amounted to £28,495 interest receivable of which £4,805 was due at the year end.(2022: £19,838 interest receivable, of which £4,805 was due at the year end).
19
Controlling party
The group is under the control of its director, Robert Tyrwhitt-Drake.
20
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
914,742
1,450,555
Adjustments for:
Taxation charged
270,354
350,831
Investment income
(28,495)
(19,838)
Depreciation and impairment of tangible fixed assets
5,901
8,552
Movements in working capital:
Decrease/(increase) in debtors
83,946
(76,174)
Decrease in creditors
(61,772)
(25,273)
Cash generated from operations
1,184,676
1,688,653
21
Analysis of changes in net funds - group
1 October 2022
Cash flows
30 September 2023
£
£
£
Cash at bank and in hand
1,122,687
261,372
1,384,059
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